More Investors Turn to Financial Advisors During Pandemic

News October 15, 2020 at 05:30 PM

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Demand for financial advice has increased since the outbreak of the coronavirus pandemic, according to a brief survey released Thursday by The College for Financial Planning.

Seventy-one percent of advisors who responded to the survey reported that they had more clients now than before the pandemic.

The survey was conducted from Aug. 25 to Oct. 2 among 209 financial advisors.

Seven in 10 respondents said the virus outbreak and recession had not prompted their clients to postpone retirement.

Asked whether they were hearing concerns about inflation in the coming year, 61% of advisors said no, 31% said yes and 8% were unsure.

And on the question of whether a new occupant in the White House would affect their investment advice to clients, 61% of advisors said it would not, with the remainder saying it would.

"The survey is telling us two important things," the college president, Dirk Pantone, said in a statement.

"There is a high level of confidence in certified investment advisors that is driving the demand for their services, and that financial advisor clients are not panicking and [are] following the long-term plan set out by their advisor."

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